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Soybean Price Anticipates Further Decline – Forecast for June 12, 2024

by Jennifer

Soybean Price Analysis:

Recent analysis of soybean prices reveals a continuation of negative trading activity, with the market edging closer to the initial target of $1150.00. Expectations persist for a sustained bearish sentiment, aiming for additional downside movement towards the $1131.40 level.

The presence of a previously completed double top pattern is exerting influence on price dynamics, evident in the chart’s signals.

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Maintaining a position below $1172.00 serves as an early indication of the potential for continued decline. However, a breach of this level may trigger short-term upward movement, with a potential test of the $1193.10 threshold before any renewed negative momentum.

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Expected Trading Range:

Market analysis suggests a probable trading range bounded by the support level at $1140.00 and the resistance level at $1170.00.

Trend Forecast:

Considering the prevailing market conditions and chart patterns, the trend forecast aligns with a bearish outlook for soybean prices.

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